I gave this dinner speech at a time when Chinese bankers were worried about the severe property market fallout in China, as well as the general slowing down of the economy. I told them that they should Instead be projecting the impact of artificial intelligence (AI) and quantum computing which are going to introduce a new set of disruptors, just like the 2010s introduced Alipay and WeChat Pay who stole the digital wallet industry away from the banks, hile they were still recovering from the US banking crisis.
I managed to slip in some points about the impact of cryptocurrency and blockchain which are introducing new rules on the financial sector around the world, and that it is a matter of time before these challenges reach China.
In introducing the Chinese edition of my book, The Great Transition, I told Chinese bankers that they must think outside the box and project into the future. This is especially difficult to communicate in China because the priorities of the banking industry are largely set by the state for them.
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